Product Description

Many health outcomes continue to advance swiftly through new and more effective treatments. At the same time, medical errors and harm to patients remains an issue in all healthcare systems. The rising number of medical errors and the need to ensure patient safety and high quality of care have become key priorities for healthcare organizations across the globe. According to the journal of patient safety, around 210,000 to 440,000 fatalities occur each year in the U.S. due to preventable medical errors. They accounted for one-sixth of the annual deaths in the U.S. in 2014. The cost of these errors is around USD 1 trillion annually. Owing to the growing concern of these errors, hospitals and other healthcare settings are increasingly focusing on patient safety by reducing the number of errors and subsequently the number of deaths caused by them.

Patient safety has become a priority for almost all major healthcare systems across the globe. The field has developed significantly in the last decade and is currently on the verge of dramatic change. There is a considerable adoption of these solutions across the globe with developed regions such as North America and Europe continuously focusing on improving the health outcomes by adopting advanced health IT solutions such as patient safety and risk management software. However, the implementation of these solutions has been variable across different countries with developing nations awakening to this concept as one of the major focus areas. With the increasing need to curtail growing healthcare costs, rising incidence of medical errors, and growing need to adhere to regulatory guidelines; the adoption of systems for overseeing the reporting of adverse events, near misses, and potentially unsafe conditions is expected to increase significantly in the next five years.

The global patient safety and risk management software market is mainly segmented by product, mode of delivery, end-user, and geography. The product market is primarily segmented into integrated and standalone software. The market is further segmented by mode of delivery into on-premise, and web/cloud based software. The end-user market is mainly segmented into hospitals, long-term care centers/home care agencies/assisted living facilities, primary care/general practitioners, mental healthcare, ambulance services, and other end-users. The global patient safety and risk management software market is further segmented by geography into four major continents namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW).

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Dating back from 1970’s, it is believed that use of barcode technology in various healthcare settings has reduced the medication errors and the cost incurred in rehabilitating the patient after the wrong treatment. The adoption of such advanced technologies in the healthcare sector will drastically enhance the operations of hospitals or other healthcare systems.

According to the Journal of Patient Safety, around 400,000 deaths occur each year in the U.S. only. It also reveals that each year preventable adverse events (PAEs) lead to the death of 210,000-400,000 patients who seek care at a hospital.

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Pharmaceutical industry has grown in leaps and bounds during the last three to four decades. Initial emphasis on validation of tablets started across the industry globally sometime in late sixties or early seventies.